KARACHI: Morinaga Milk Industry Company Limited, a leading dairy company of Japan, is all set to establish first ever Morinaga infant formula manufacturing facility in Pakistan bringing Rs 4.8 billion investment to the country. Consequently, popular infant milk Morinaga will be available in Pakistan at low prices while currently the Morinaga Formula Milk is available for Rs 765 to Rs 1500 in Pakistan. The ICI Pakistan, stated in a filing with the stock exchange that ICI Pakistan Limited is pleased to inform shareholders that the company intents to partner with Morinaga Milk Industry Company Limited of Japan and Unibrands Private Limited, to set up a facility in Pakistan to manufacture Morinaga infant formula products. This project will entail an investment of upto Rs 4.8 billion and is expected to come online in 2018.The project will also include the distribution, marketing and sales of the locally manufactured infant formula. ‘The Board of Directors of ICI has in principle approved the Proposed Joint Venture while the new, state-of-the-art manufacturing facility is set to be the first ever Morinaga manufacturing facility established in Pakistan. This development underscores the trust that ICI enjoys, nationally and with international partners, as a result of the Company’s high operating standards in all areas’, said Company Secretary, Saima Kamila Khan. lCl’s equity stake in the Proposed Joint Venture is intended to be 51 percent. The combined equity stake of Morinaga and Unibrands is intended to be 49 percent. This further builds on the companies’ existing collaboration with Morinaga and Unibrands. Since 2014, NutriCo Pakistan (Private) Limited (a joint venture between lCl, Morinaga and Unibrands) has imported, marketed and distributed Morinaga products in Pakistan. The implementation of the Proposed Joint Venture will be subject to requisite regulatory approval(s). Morinaga’s infant milk formula is being imported in to Pakistan from last 35 years by Unibrands. Pakistanis spend over $165 million to import milk cream and milk food for infants, according to the Pakistan Bureau of Statistics (PBS). Morinaga’s products, which target babies up to 12 weeks old, enjoy a market share of 35 percent to 38 percent. Its immediate competitor is another Japanese company Meiji, which also has a market share of 35 percent to 40 percent. Earlier, in 2014, ICI Pakistan joined hands with Unibrands to market and distribute infant foods and drinks locally whil eteh ICI invested Rs 960 million for a 40 percent stake in Nutrico Pakistan, which would run jointly with Unibrands, to sell Japan’s Morinaga infant formula in Pakistan.